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Oct 2, 2012
10/12
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economy forecast growth next year is 2%, 2% minus 2% equals zero. you are pretty much at the recession stage. bo pelley: there are about 12.5 million americans who lost their jobs in the great recession. we have seen our economy in cecession or stumbling along since late 2007. and a lot of americans just want to know when does this end. >> well, i would say that there is good news lurking out there. and in particular the fact that he housing market is picking up is, in our view, a clear sign tiat the situation is improving. when you see that the financial institutions have been clearly strengthened, restructured and made a little bit safer and that ste housing market is picking up. that's not bad. >> pelley: not bad, but next week the i.m.f. is expected to theunce that it's lowering its forecast for world growth to 3% this year. two days before the first presidential debate a new poll irsthe "washington post" finds pe race still very tight nationwide with president obama leading mitt romney by two rints, 49% to 47%. but in two of the biggest swing t
economy forecast growth next year is 2%, 2% minus 2% equals zero. you are pretty much at the recession stage. bo pelley: there are about 12.5 million americans who lost their jobs in the great recession. we have seen our economy in cecession or stumbling along since late 2007. and a lot of americans just want to know when does this end. >> well, i would say that there is good news lurking out there. and in particular the fact that he housing market is picking up is, in our view, a clear...
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Sep 28, 2012
09/12
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it turns out the economy is growing even more slowly than we thought. the government told us that u.s. growth in the second quarter was an anemic 1.7%, but today, the commerce department put out a new estimate showing us it was even less than that, just 1.3%. and this is what caught our attention in the report-- the government said half of the downward revision can be blamed on the drought. it's destroying crops, including the corn in this field le roy, illinois. and on the land clayton arnold has been farming in walker, missouri, for 40 years. a new report today on the drought says it continues to get 5%rse. it now covers 65.5% of the lower 21.5and in 21.5% of that area, the area you see in red, the drought is extreme or exceptional. so we asked anthony mason to dig further into the impact the rtought is having on our economy. t reporter: 90 miles southwest of dallas, in aquilla, texas, the drought has cut back ronnie gerik's cotton crop severely this year. f> it impacted not just myself but all the ag industry. >> reporter: in fact, the government now
it turns out the economy is growing even more slowly than we thought. the government told us that u.s. growth in the second quarter was an anemic 1.7%, but today, the commerce department put out a new estimate showing us it was even less than that, just 1.3%. and this is what caught our attention in the report-- the government said half of the downward revision can be blamed on the drought. it's destroying crops, including the corn in this field le roy, illinois. and on the land clayton arnold...
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Oct 3, 2012
10/12
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we got a little good news today on the economy. overall, auto sales were up 13% last month from a yearefore. among the u.s. automakers, ford sales were unchanged, g.m.'s were up 1.5%, chrysler reported a 12% increase. there hasn't been enough good news like that on the economy. the recovery, of course, is painfully slow and one of the biggest reasons is the recession in europe. the 27 countries of the european union add up to the world's- largest economy, but they're reportrecordnemployment. in spain, unemployment among young people is 50%. mark phillips went to barcelona to see what happens when an economy goes into freefall. >> reporter: spain can be a deceptive place. in the early autumn sunshine and in the markets groaning with foodstuffs it's difficult to tell this is a country with a collapsing economy and unemployment rate of 25% that threatens to take the rest of europe and maybe even the united states economy down with it. but wait until they close up at barcelona's boqueria market and follow the porters out back to where
we got a little good news today on the economy. overall, auto sales were up 13% last month from a yearefore. among the u.s. automakers, ford sales were unchanged, g.m.'s were up 1.5%, chrysler reported a 12% increase. there hasn't been enough good news like that on the economy. the recovery, of course, is painfully slow and one of the biggest reasons is the recession in europe. the 27 countries of the european union add up to the world's- largest economy, but they're reportrecordnemployment. in...
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Oct 4, 2012
10/12
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but i think the economy is still going to have a lot of bearing on it. overall, though, what i think is going to matter most to people is who do they think is going to be a strong and effective advocate on behalf of their hopes and their dreams? >> pelley: you could get asked any question under the sun at the debates. how do you prepare for that? >> well, the nice thing about having been president is i've been dealing with just about every issue for the last four years. so a lot of preparation for me is just trying to get back into game shape, as they say. hopefully what i'm going to be able to do is just present my case as effectively as i can. but governor romney has shown himself to be a very good debater and we take it very seriously. >> pelley: do you think the debates are make or break for you? >> i think they could decide the election for either one of us. look, we're basically in a tie, the president and i are. he's been president for four years, has outspent me massively in this campaign and yet he's still at a tie. and so the debates could well
but i think the economy is still going to have a lot of bearing on it. overall, though, what i think is going to matter most to people is who do they think is going to be a strong and effective advocate on behalf of their hopes and their dreams? >> pelley: you could get asked any question under the sun at the debates. how do you prepare for that? >> well, the nice thing about having been president is i've been dealing with just about every issue for the last four years. so a lot of...
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Sep 27, 2012
09/12
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of the economy. whose happening is mitt romney is having to play defense with his own voting group. the time he has to spend shoring them up is time he's not spending getting swing voters. >> pelley: john, polls that are taken about this point in september sometimes predict the winner and sometimes they don't. in 2008, we had obama over mccain at about this point, but in the year 2000, we had gore over bush about this point. how predictive are these polls six weeks out. >> reporter: if we go all the way back to 1952, eisenhower's first election, the vast majority of the time the candidates who was ahead of the polls ended up winning in the end. but mitt romney can hold on to, though, is that president's john kennedy, ronald reagan, and george w. bush are all tied or behind, scott, and they pulled it out in the end. >> pelley: john, thanks very much. >> pelley: as in politics, things can change pretty quickly in sports. the nfl and its referees seemed ready to dig in for a long fight over pay and pens
of the economy. whose happening is mitt romney is having to play defense with his own voting group. the time he has to spend shoring them up is time he's not spending getting swing voters. >> pelley: john, polls that are taken about this point in september sometimes predict the winner and sometimes they don't. in 2008, we had obama over mccain at about this point, but in the year 2000, we had gore over bush about this point. how predictive are these polls six weeks out. >> reporter:...
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Sep 26, 2012
09/12
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>> pelley: tonight, signs of a new direction in the economy. we have new information on consumer confidence and real consumer confidence and real estate prices today. anthony mason on what all this means for jobs. jan crawford and nancy cordes with the president at the romney in ohio promoting free trade. jeff glor on the call that every football fan is talking about. >> it was awful. that's all i'm going to say about it. >> pelley: and these images helped change america. >> how could you not ask the question "what ever happened to that kid?" >> pelley: seth doane with the man who uncovered the stories behind the faces. captioning sponsored by cbs this is the "cbs evening news" with scott pelley. >> pelley: good evening. six weeks before an election that may turn on the state of the economy, a new survey out today finds that americans are feeling better about things. consumer confidence is at its highest level in seven months, largely because more americans expect the jobs picture to improve. but confidence is still at what's considered a weak
>> pelley: tonight, signs of a new direction in the economy. we have new information on consumer confidence and real consumer confidence and real estate prices today. anthony mason on what all this means for jobs. jan crawford and nancy cordes with the president at the romney in ohio promoting free trade. jeff glor on the call that every football fan is talking about. >> it was awful. that's all i'm going to say about it. >> pelley: and these images helped change america....
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Sep 29, 2012
09/12
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. >> i think romney will turn the economy around but it's the other issues that we don't know about. >> reporter: like what? >> like the medicare, health care issues. >> reporter: in haymarket, virginia, life-long republican dan stapleton echoes fears about the romney/ryan ticket. >> i think they want to change ot so dramatically that we won't recognize it quite as medicare once they're done. >> reporter: by balancing the ticket with ryan, an advocate of major changes to entitlement programs, romney has prompted haestions on what he would do about medicare. ro now mitt romney's attacking the president on medicare? >> reporter: and he's also opened the door to an avalanche of democratic attack ads. >> analysts say it could raise seniors' costs up to $6,400 a year. >> reporter: today a spokesperson for the romney campaign called these latest medicare issues "er" because his plan was not adequately explained in the questions. sut, scott, the responses are relevant to romney's hopes. >> pelley: dean, thanks very much. both candidates have had their plans distorted in a torrent of negativ
. >> i think romney will turn the economy around but it's the other issues that we don't know about. >> reporter: like what? >> like the medicare, health care issues. >> reporter: in haymarket, virginia, life-long republican dan stapleton echoes fears about the romney/ryan ticket. >> i think they want to change ot so dramatically that we won't recognize it quite as medicare once they're done. >> reporter: by balancing the ticket with ryan, an advocate of...
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Oct 1, 2012
10/12
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economy. we have seen head winds coming from slowing trade. >> reporter: if you combine imports and exports, the european union is our biggest trading partner. >> so we have a very strong interest in europe solving its problems. >> reporter: but the problem won't be solved quickly says ian brehmer who heads the eurasia group, a global research firm. what brings the europeans back to growth? no one started to address that issue. it's like saying what's going to bring the united states back to a healthy and manageable deficit. >> reporter: and the more imminent threat to the economy may be the so-called fiscal cliff. the ratings agency fitch has said uncertainty about u.s. fiscal policy is the single-biggest near-term threat to the global recovery. >> winston churchill once said that the americans always do the right thing but only after extinguishing every other possibility. that is precisely what the americans are doing here. >> reporter: bremmer believes washington won't go over that cliff, b
economy. we have seen head winds coming from slowing trade. >> reporter: if you combine imports and exports, the european union is our biggest trading partner. >> so we have a very strong interest in europe solving its problems. >> reporter: but the problem won't be solved quickly says ian brehmer who heads the eurasia group, a global research firm. what brings the europeans back to growth? no one started to address that issue. it's like saying what's going to bring the united...
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Oct 4, 2012
10/12
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i'll call it the economy tax. it's been crushing. >> reporter: campaign aides say he will continue to hit obama hard on the economy and jobs. and will offer more specifics which they've been promising for some time. he is also ramping up spending on television after being outspent by the president more than two to one in swing states ask this morning released a new ad reinforcing his message in the debate. >> who will raise taxes on the middle class? according to an independent, nonpartisan study, barack obama and the liberals will raise taxes on the middle class by $4,000. >> reporter: now, after the debate, his key advisers, romney's key advisers, said they were surprised the president didn't put up more of a fight. one told me they were ready for some of these attacks on bain capital. romney's comment about the 47% of americans who don't pay federal income taxes. those have featured prominently in the president's attack ads. last night, scott, he didn't mention either one. >> pelley: jan, thank you. vice presid
i'll call it the economy tax. it's been crushing. >> reporter: campaign aides say he will continue to hit obama hard on the economy and jobs. and will offer more specifics which they've been promising for some time. he is also ramping up spending on television after being outspent by the president more than two to one in swing states ask this morning released a new ad reinforcing his message in the debate. >> who will raise taxes on the middle class? according to an independent,...